One of the TON Community Foundation's first actions was to defend Telegram in the case, filing a friend of the court brief Friday in the U.S. District Court of the Southern District of New York.The brief claims the "Community has about 2,000 active participants," and "The TON Blockchain is fully operational and could be launched on a 5-second notice." The reason it hasn't is because the SEC's lawsuit against Telegram, brought in October, halted the launch of the blockchain, though not the project's development.
The group was started by Fedor Skuratov, communications manager at TON Labs, the startup formed by TON investors building tools for developers.
The list of participants so far includes 22 people representing their companies, among them TON Labs itself, broker Da Vinci Capital, wallet apps Atomic Wallet and Button Wallet, local communities of investors and developers TON China and TON France, and a number of tech startups.
The foundation, helmed by an elected Governing Council, will coordinate the developers, validators, stakers and other members of the community to promote the usage of TON via education, research and development, grants and lobbying, the declaration says.
To be clear, the foundation spearheaded by TON Labs has almost nothing to do with the TON Foundation described in the original TON white paper.
According to the white paper, after the TON blockchain is launched and the investors get their allocations, every subsequent token should be sold by an entity named TON Reserve, which, in turn, would be controlled by the TON Foundation.
The TON Foundation was also expected "To provide most of the validators during the first deployment phase of the TON Blockchain", decide on protocol changes, and have a majority of votes during the first months of TON's existence.
In January, Telegram issued a "Public notice" saying it was "Under no obligation" to establish the TON Foundation.
Earlier in February, Telegram published a technical paper describing the TON consensus protocol, dubbed Catchain.
Although nothing in the new foundation's declaration mentions the SEC's lawsuit, the community apparently wants to help TON progress even if Telegram's hands are tied.
TON Developers, Investors Back Telegram in SEC Fight
Published on Feb 14, 2020
by Coindesk | Published on Coinage
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